Comerica Bank’s Michigan Index Dips Again in March

Comerica Bank’s Michigan Economic Activity Index declined in March, falling 2.5 percentage points to a level of 120.9. March’s reading is 49 points, or 68 percent, above the index cyclical low of 72.1. The index averaged 126 for all of 2013, 12 points above the index average for 2012. February’s index reading was unchanged at 123.4.

“Our Michigan Index fell again in March, now its fifth consecutive decline. Payroll employment in Michigan was little changed over the 12 months ending in March. This is worrisome because stalled payroll employment levels in Michigan are most often followed by job losses. Even with expected gains in national auto sales into 2015, auto-related employment in Michigan may be topping out,” said Robert Dye, Chief Economist at Comerica Bank. “We expect to see more residential construction activity in the months ahead, and this will help to support Michigan’s economy.”

For a PDF version of the Michigan Economic Activity Index click here: Michigan0514.